ICE Canola Futures Firm On Outside Oilseed Advances
| 2 min read
| By Dwayne Klassen, Resource News International |
| April 14, 2009 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at higher price levels as of 9:57 EDT. The advances in canola were fueled by the gains posted in the outside oilseed markets overnight, market watchers said.
Gains were posted in e-CBOT soybean values as well as in Malaysian palm oil prices. The advances in canola were also in anticipation of a higher price opening in CBOT soybean and soyoil values with the start of the North American day session, brokers said. Slow farmer sales in view of spring road restrictions helped to provide a firm floor for canola. Steady domestic crusher demand amid favourable margins was helping to generate some upward price moment. The upside in canola was being tempered by sluggish demand in the export market and the strengthening Canadian dollar, traders said. Analysts also pointed to rising canola stocks being held by commercials, as confirmed last week by the Canadian Grain Commission, as being a bearish market feature. Weakness in global crude oil values early Tuesday and a downward move by North American equity markets were also viewed as undermining price influence for canola, brokers said. As of 9:57 am EDT, there were 1,405 canola contracts traded. At 9:57 am EDT, 4 western barley contracts had traded with prices unchanged. Prices in Canadian dollars per metric ton at 9:57 am EDT: Price Change W.Barley May $135.00 unch |
